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Efficiency and separability in economies with a trade center

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  • Diamantaras, D.
  • Gilles, R.P.
  • Ruys, P.H.M.

    (Tilburg University, Center for Economic Research)

Abstract

We discuss the endogenous selection of a costly allocation mechanism in a pure exchange economy. The allocation mechanism is modeled as an abstract trade center exhibiting setup costs, access costs and linear transaction costs. Exactly one trade center has to be selected. We define Pareto efficiency in this setting and decentralize decision making concerning consumption as well as the choice of a trade center through the concept of a separable valuation equilibrium. In this equilibrium concept trade centers are assigned individualized nonlinear prices.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1994-107.

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Date of creation: 1994
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Handle: RePEc:dgr:kubcen:1994107

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Web page: http://center.uvt.nl

Related research

Keywords: Efficiency; International Trade; Costs; Allocation; Separability; international economics;

References

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  1. Wang, Ping, 1990. "Competitive equilibrium formation of marketplaces with heterogeneous consumers," Regional Science and Urban Economics, Elsevier, vol. 20(3), pages 295-304, November.
  2. Hahn, F H, 1971. "Equilibrium with Transaction Costs," Econometrica, Econometric Society, vol. 39(3), pages 417-39, May.
  3. Dimitrios Diamantaras & Robert P. Gilles, 1994. "The Pure Theory of Public Goods: Efficiency, Decentralization, and the Core," Public Economics 9403001, EconWPA.
  4. Berliant, Marcus & Konishi, Hideo, 2000. "The endogenous formation of a city: population agglomeration and marketplaces in a location-specific production economy," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 289-324, May.
  5. Mas-Colell, Andreu, 1980. "Efficiency and Decentralization in the Pure Theory of Public Goods," The Quarterly Journal of Economics, MIT Press, vol. 94(4), pages 625-41, June.
  6. Diamantaras, D. & Gilles, R.P. & Scotchmer, S., 1994. "A note on the decentralization of Pareto optima in economies with public projects and nonessential private goods," Discussion Paper 1994-53, Tilburg University, Center for Economic Research.
  7. Berliant, Marcus & Wang, Ping, 1993. "Endogenous formation of a city without agglomerative externalities or market imperfections : Marketplaces in a regional economy," Regional Science and Urban Economics, Elsevier, vol. 23(1), pages 121-144, March.
  8. Diamantaras, Dimitrios & Gilles, Robert P & Scotchmer, Suzanne, 1996. "Decentralization of Pareto Optima in Economies with Public Projects, Nonessential Private Goods and Convex Costs," Economic Theory, Springer, vol. 8(3), pages 555-64, October.
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